BUSINESS AND POLITICS – AUSTRALIA

Media reform deadline looms

roymorgansocial Leave a comment

Original article by Jake Mitchell
The Australian – Page: 19 : 22-Sep-16

The Senate inquiry into proposed cross-media ownership reforms is slated to report its findings on 7 November 2016. Media companies have been given until 23 September to update the submissions they made to a previous inquiry prior to the federal election. Meanwhile, the Opposition has signalled that its stance on abolition of the "two-of-three rule" has not changed following the retirement of Stephen Conroy, who supported retaining the regulation. The Australian Labor Party supports scrapping the "reach rule".

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. SENATE STANDING COMMITTEE ON ENVIRONMENT, COMMUNICATIONS, INFORMATION TECHNOLOGY AND THE ARTS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL, WIN CORPORATION PTY LTD, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, NATIONAL RUGBY LEAGUE, SINGTEL OPTUS PTY LTD, ENGLISH PREMIER LEAGUE, NATIONAL FOOTBALL LEAGUE, AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION (ASTRA) INCORPORATED, LIBERAL PARTY OF AUSTRALIA

Media changes conservative, says global boss

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: 27 : 19-Sep-16

IPG Mediabrands’ global CEO Henry Tajer argues that the Federal Government’s proposed cross-media ownership reforms do not go far enough. He say the reforms should encourage consolidation in the sector, noting that Australia has too many media companies given the nation’s population. Tajer adds that the reforms should also take into account global companies that already have a presence in Australia – such as Facebook and Google – and ones that will enter the market in coming years.

CORPORATES
IPG MEDIABRANDS, FACEBOOK INCORPORATED, GOOGLE INCORPORATED, TWITTER INCORPORATED, SNAPCHAT INCORPORATED, AUSTRALIAN LABOR PARTY, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS

Foreign cap on Qantas needs axing: Joyce

roymorgansocial Leave a comment

Original article by Mitchell Bingemann
The Australian – Page: 29 : 16-Sep-16

Qantas CEO Alan Joyce says the airline is being disadvantaged by ownership restrictions because they prevent it from participating in global consolidation in the sector. He has called on the Federal Government to make changes to the Qantas Sale Act. Peter Harbison, the executive chairman of CAPA-Centre for Aviation, says restrictions on foreign ownership amount to protectionism.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, CAPA – CENTRE FOR AVIATION

Narev seeks spirit of ’91 reform

roymorgansocial Leave a comment

Original article by Michael Bennet
The Australian – Page: 19 & 23 : 14-Sep-16

Commonwealth Bank of Australia CEO Ian Narev has used the 25th anniversary of the banking major’s sharemarket float to call for reforms that will promote long-term economic growth. He says the government of the day made the right decision in selling a publicly-owned bank. CBA shares have fallen by more than 10 per cent in recent weeks, with the stock closing at $A69.50 on 13 September 2016. However, investors paid just $A5.40 per share in the 1991 float.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BELL POTTER SECURITIES LIMITED

Innovation agenda must embrace mining: Costello

roymorgansocial Leave a comment

Original article by Peter Ker
The Australian Financial Review – Page: 17 : 13-Sep-16

Former treasurer Peter Costello has used a Minerals Council of Australia function to stress that the mining industry has a role in the Federal Government’s "innovation agenda". He argued that the so-called "new economy" needs traditional industries such as mining and agriculture. Costello also criticised a push by Western Australian National Party leader Brendon Grylls to increase the iron ore levy paid by BHP Billiton and Rio Tinto from $A0.25 per tonne to $A5.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, AUSTRALIA. FUTURE FUND MANAGEMENT AGENCY

Miners lash Joyce’s ore comments

roymorgansocial Leave a comment

Original article by James Thomson
The Australian Financial Review – Page: 15 : 12-Sep-16

Minerals Council of Australia CEO Brendan Pearson has described a proposed levy on iron ore production in Western Australia as a "bad idea" that will adversely affect both the sector and suppliers. Federal National Party leader Barnaby Joyce has been criticised after saying that he understood the motivations for state counterpart Brendon Grylls in proposing that the iron ore levy paid by BHP Billiton and Rio Tinto be increased from $A0.25 per tonne to $A5.

CORPORATES
MINERALS COUNCIL OF AUSTRALIA, NATIONAL PARTY OF AUSTRALIA, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, WESTERN AUSTRALIA. DEPT OF THE PREMIER AND CABINET, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN BROADCASTING CORPORATION

Coalition backs media reforms

roymorgansocial Leave a comment

Original article by Jake Mitchell
The Australian – Page: 23 : 30-Aug-16

The Australian Government will push ahead with cross-media ownership media reforms after the policy was endorsed by the Coalition’s partyroom on 29 August 2016. The legislation will be introduced to Parliament within days, although the Government may need to rely on the support of crossbenchers as the Opposition has yet to decide its stance on abolishing the "two-out-of-three" rule. Media industry executives will also hold meetings with the major political parties and crossbenchers in coming days.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF COMMUNICATIONS AND THE ARTS, NICK XENOPHON TEAM, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, SEVEN WEST MEDIA LIMITED – ASX SWM, FOXTEL MANAGEMENT PTY LTD, FAIRFAX MEDIA LIMITED – ASX FXJ, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, PRIME MEDIA GROUP LIMITED – ASX PRT, WIN CORPORATION PTY LTD, HERALD AND WEEKLY TIMES LIMITED, SOUTHERN CROSS MEDIA GROUP LIMITED – ASX SXL

Business chiefs lobby crossbench on company tax

roymorgansocial Leave a comment

Original article by David Crowe
The Australian – Page: 1 & 4 : 26-Aug-16

Analysis of tax data by the Business Council of Australia shows that the nation’s 12 largest companies account for approximately 33 per cent of corporate tax revenue. The BCA intends to ramp up its campaign in support of the Federal Government’s proposal to progressively reduce the tax rate for all companies. Crossbench senators will be targeted by its lobbying campaign. The BCA will argue that a high tax rate will deter companies from investing in Australia, while increased investment will in turn stimulate economic growth.

CORPORATES
BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, ONE NATION PARTY, LIBERAL PARTY OF VICTORIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESFARMERS LIMITED – ASX WES, QANTAS AIRWAYS LIMITED – ASX QAN, COCA-COLA AMATIL LIMITED – ASX CCL, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, TELSTRA CORPORATION LIMITED – ASX TLS, WOOLWORTHS LIMITED – ASX WOW, FORTESCUE METALS GROUP LIMITED – ASX FMG, SUNCORP GROUP LIMITED – ASX SUN, BP AUSTRALIA LIMITED, ARRIUM LIMITED – ASX ARI, OXFAM

Bring back watchdog: Boral

roymorgansocial Leave a comment

Original article by Andrew White
The Australian – Page: 21 : 25-Aug-16

Listed building materials group Boral has posted a 2015-16 net profit of $A256m, which is in line with its previous result. Its after-tax profit rose by nine per cent to $A268m when significant items totalling $A12m are excluded. Meanwhile, CEO Mike Kane has called for bipartisan support for legislation to reinstate the Australian Building & Construction Commission. He has also rejected calls for the creation of an anti-corruption agency that has broader scope than the construction industry.

CORPORATES
BORAL LIMITED – ASX BLD, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CSR LIMITED – ASX CSR

Linfox still in hunt for Kidman

roymorgansocial Leave a comment

Original article by Samantha Hutchinson
The Australian – Page: 4 : 23-Aug-16

Lindsay Fox’s logistics group Linfox is still interested in acquiring S Kidman & Company. The sale process has been complicated by the decision of the Foreign Investment Review Board to block the sale of the pastoral empire to Chinese buyers. Ray White rural agent Bruce Gunning says government interference has resulted in the politicisation of transactions in the rural property market.

CORPORATES
S KIDMAN AND COMPANY PTY LTD, LINFOX PTY LTD, SHANGHAI PENGXIN GROUP COMPANY LIMITED, GENIUS LINK ASSETS MANAGEMENT LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, RAY WHITE RURAL, VICTOR SMORGON GROUP, CAPITAL HILL ADVISORY PTY LTD